Kickback Starts After France Introduces Unilateral Transaction Tax

Firms are already protesting at the introduction yesterday in France of a Financial Transactions Tax (FTT) which was double the rate originally proposed.

"The financial transaction tax is likely to spark a flurry of reaction from multinational financial services companies. Many will question why they should keep their trading operations in the country," according to a briefing note from global tax advisory firm Taxand.